Monday, July 12, 2004
Financing
Manager spoke with the Women's Business Center again, and this time, the counselor was more open to what she's wanting to do.
Part of it is that they spent more time talking about the goals and operations of the Cracked CAuldron, and part of it is that the counselor has realized a bakery isn't a restaurant, and different statistics apply.
And part of it is the reason Manager wants to open the Cracked Cauldron: offering resource information to homeless people, helping feed them, and offering those who need it employment.
The charitable goals of the Cracked Cauldron are what's motivating the counselor to help Manager get pre-approved for the SBA loan. I think Manager is going for the 7A loan, as it seems to best suit her needs.
If the equity of my house is enough, then she's good to go. If not, she'll need to sell stock to make up the difference.
I've had the house for 7 years, and made substantial plumbing improvements on it. I bought it well below market value, and have paid above the basic mortgage payment for years. There should be just enough to squeeze by. We might be S10-15,000 short, though.
It shouldn't be too hard to sell stock, should it?
Not when the bakery business is booming as it is, with people wanting homestyle breads. Else why would some of the biggest commercial bakeries be offering "hearth-style" breads?
The low-carb diets haven't effected the retail baker much at all, although it seems to have sharply hurt the wholsesale bakers. Blue collar workers, according to the latest Bake Trends report from Milling and Baking news, are buying more fresh breads and fresh cakes from small bakeries than ever. And single serving cakes, muffins, pies, and breads are becoming increasingly popular.
One of the main selling points of the Cracked Cauldron has been that single serving breads and cakes would be a staple.
So, we're opening the Cracked Cauldron at the right time, and I feel we're doing it in the right place.
With the success of the Cracked Cauldron we'll be giving back to the community in significant ways.
